The SEC charged Michael A. Smith, former President and COO of PetIQ, Inc., and Douglas Joshua Dalton with insider trading before the August 2024 announcement that Bansk Group LP would acquire PetIQ. The SEC alleged Smith traded through his ex-wife’s brokerage accounts and tipped Dalton, who bought call options; the alleged profits exceeded $200,000. In parallel criminal actions, the U.S. Department of Justice announced charges against Dalton, and Smith previously pleaded guilty to securities fraud and is awaiting sentencing.